Elliott waves analysis – We’re short as long as the price is below 1.32965

GBPUSD – Flat

We're short as long as the price is below 1.32965

Wave Analysis

Despite the two pin bars seen a fortnight ago, the cable continues to rally to the lower side. As we previously forecasted, as long as the price remains below 1.32965, we expect further momentum to the lower side. The anticipated bearish price rally is the continuation of the impulsive wave (c) and should breakout below 1.27252 but should not go beyond 1.2000. This view can only be invalidated in case the price breaks above 1.32965, this being the case, we’ll expect a rally to the upper side towards 1.38360.

Trade Recommendations:

We’re short as long as the price is below 1.32965

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